Robert Redford today accused the US of losing its way in the years since the second world war. Speaking at the press conference for his new film All Is Lost at the Cannes film festival.

"Certain things have got lost," said Redford. "Our belief system had holes punched in it by scandals that occurred, whether it was Watergate, the quiz show scandal, or Iran-Contra; it's still going on…Beneath all the propaganda is a big grey area, another America that doesn't get any attention; I decided to make that the subject of my films."

Redford, now 76, also had critical words for the US's never-ending drive for economic and technological development, which he considers has been a damaging force.

"We are in a dire situation; the planet is speaking with a very loud voice. In the US we call it Manifest Destiny, where we keep pushing and developing, never mind what you destroy in your wake, whether its Native American culture or the natural environment.

"I've also seen the relentless pace of technological increase. It's getting faster and faster; and it fascinates me to ask: how long will it go on before it burns out."

Redford suggested this All Is Lost, which concentrates on a single man's struggle to survive at sea after his boat is damaged and loses all power, could be seen as a counterweight. "This film is about having none of that: all you have is a man, a boat and the weather, nothing but the elements. That's it."

The pair met when Chandor's debut film, Margin Call, was selected for the Sundance in 2011. Chandor had already completed the script for his follow-up, and shortly after the festival offered the role to Redford.

Redford joked that none of his Sundance directors had ever approached him as an actor – "Gee, it was nice!" – but was fulsome in his praise of the younger man. "He was relentless in his vision, but also very respectful, and it encouraged me to give it more and more."